Ageas produces growth and profit across the board
Ageas has reported a huge boost in both gross written premiums (GWP) and profit for 2011 as the insurer’s Tesco deal begins to pay dividends.
Total premiums touched nearly £2bn - up from £1.18bn in 2010. The bulk of this growth came from the non-life business which contributed £1.721bn (£1.011bn: 2010).
This impressive growth also yielded vastly improved profits. For 2011, Ageas produced £105m in profit before tax compared to a £24.8m loss in 2010.
Of this, the non-life operation contributed £75.9m up from a £32.2m loss the previous year.
The combined operating ratio also improved 10 percentage points to 98.8% from 108.8% in 2010.
Ageas'
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